The USDA’s newest projection for agricultural exports says it will reach a record $149.5 billion this fiscal year, an estimated 4.8% increase higher than its earlier forecast of $142.6 billion. The fiscal year started on October 1 and will end on September 30.
Although the USDA has lowered its export forecast for fruits, vegetables, and nuts by $400 million to $34.1 billion, this projection is still a record high, according to Reuters.
The forecast shows that the record growth is due not just to rising prices, which have driven export numbers in the past, but also because of an increase in the volume of U.S. agricultural exports, which is projected to increase by 31% between fiscal years 2013 and 2014, according to a press release.
“American farmers and ranchers are on track for another year of record exports, which builds on the past five years of the strongest agricultural trade in our history,” said Agriculture Secretary Tom Vilsack. “This report indicates that the volume of U.S. agricultural exports has increased, which demonstrates an increasing global appetite for high-quality, American-grown products.”
Last fiscal year, agricultural exports reached $140.9 billion and supported nearly one million jobs in America. Fiscal years 2009 to 2013 represent the strongest five years in history for agricultural trade, with U.S. agricultural product exports totaling $619 billion over those five years.
United States Department of Agriculture
